Recent data from multiple market research institutions show that in 2023, households significantly increased their allocation to bank deposits, making it the asset class with the largest increase in portfolio weight over the year. This trend reflects a clear decline in investor risk appetite amid heightened economic uncertainty, greater volatility in capital markets, and the ongoing transition of wealth management products toward net-asset-value (NAV) models—prompting investors to favor safer, more liquid deposit instruments.Specifically, factors such as global inflationary pressures, geopolitical tensions, and a slower-than-expected domestic economic recovery have dampened returns on equities and mutual funds. Some bank-offered wealth management products even experienced negative net values, further eroding investor confidence. Although deposit rates have been trending downward, the principal-guaranteed nature and stable returns of deposits remain attractive—especially with innovations like structured deposits and large-denomination certificates of deposit catering to conservative investors.Regulatory guidance has also played a role. In recent years, financial regulators have consistently emphasized “breaking implicit guarantees” and promoting NAV-based asset management, encouraging investors to reassess the balance between risk and return. Looking ahead, as the economy stabilizes and market sentiment improves, deposit allocation may plateau, but in the near term, deposits will likely retain their role as a foundational “anchor” asset in household portfolios.
近期，多家市场研究机构发布的数据显示，2023年居民和家庭在资产配置中显著增加了对银行存款的配置比例，使其成为全年增配最多的资产类别。这一趋势反映出在经济不确定性增强、资本市场波动加剧以及理财产品净值化转型背景下，投资者风险偏好明显下降，更倾向于选择安全性高、流动性强的存款类产品。具体来看，受全球通胀压力、地缘政治冲突及国内经济复苏节奏放缓等多重因素影响，股票、基金等权益类资产表现不佳，部分银行理财甚至出现“破净”现象，进一步削弱了投资者信心。与此同时，银行存款利率虽处于下行通道，但其保本属性和稳定收益仍具吸引力，尤其在结构性存款、大额存单等产品创新推动下，存款成为稳健型投资者的首选。此外，监管政策的引导也起到了一定作用。近年来，金融监管部门持续强调“打破刚兑”、推动资管产品净值化，促使投资者重新评估风险与收益的平衡，从而更理性地配置资产。展望未来，随着经济逐步企稳和市场信心恢复，存款配置比例或趋于平稳，但短期内其作为“压舱石”资产的地位仍将稳固。
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